Section 80HHC deduction affirmed for protocol exports where sale proceeds are received in Indian currency, eligibility clarified. The Central tax authority clarifies that exporters under Government-to-Government (protocol) credit arrangements remain eligible for the export-turnover deduction even when their immediate sale proceeds are realised in Indian currency, because settlement between governments and ultimate realisation in foreign exchange under the bilateral credit does not disqualify the deduction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Section 80HHC deduction affirmed for protocol exports where sale proceeds are received in Indian currency, eligibility clarified.
The Central tax authority clarifies that exporters under Government-to-Government (protocol) credit arrangements remain eligible for the export-turnover deduction even when their immediate sale proceeds are realised in Indian currency, because settlement between governments and ultimate realisation in foreign exchange under the bilateral credit does not disqualify the deduction.
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